by The global fast fashion market comprises clothing collections that move from the catwalk quickly to stores to meet new trends. Fast fashion clothing is affordable, low-cost, and mass-produced designs replicate styles worn by celebrities or seen on runways. It allows mainstream consumers to purchase trendy clothes at low prices.
The global fast fashion market is estimated to be valued at US$ 100.08 Bn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapidly changing fashion trends have boosted the growth of the fast fashion market. Consumers want to keep up with the latest styles but do not want to spend a fortune. Fast fashion fulfills this need by delivering on-trend clothing at affordable prices within a couple of weeks of being seen on the ramp or red carpet. The fast turnover of new inventory allows fast fashion brands to ride major trends for a short period before moving on to the next big thing, keeping consumers engaged.
SWOT Analysis
Strength: The Global Fast Fashion market witnesses high demand due to ever-changing fashion trends among consumers which fuels the market growth.
Weakness: The fast fashion industry faces criticism due to unethical labor practices and huge environmental footprint caused by fast fashion brands.
Opportunity: Rising digitization and online shopping are creating new opportunities for fast fashion brands to increase their consumer reach. Emerging markets offer huge growth prospects.
Threats: Stiff competition from existing players and new entrants pose threats. Growing popularity of sustainable fashion also threatens fast fashion industry.
Key Takeaways
The Global Fast Fashion Market Size is expected to witness high growth over the forecast period supported by rising disposable incomes and exposure to digital and social media.
Regional analysis comprises- The Asia Pacific region is expected to witness the fastest growth in the fast fashion market on account of rising fashion consciousness among middle-class consumers and growing disposable incomes in densely populated nations including China and India. China dominates the Asia Pacific fast fashion market supported by strong domestic consumption.
Key players related content comprises- Key players operating in the fast fashion industry are BioSenic SA, Mereo Biopharma Group PLC, CELGENE CORPORATION, Eli Lilly and Company, Cipla Inc., Amgen Inc., Sun Pharmaceutical Industries Ltd., Viatris Inc., Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., Jubilant Pharmova Limited, Aurobindo Pharma, Quince, Ultragenyx Pharmaceutical Inc. and OrthoPediatrics Corp. These players are focusing on expansion in emerging markets and strengthening their digital presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
